Stuart Gulliver, HSBC's highest paid banker on a £10m deal in 2009, is not employed by the bank's main holding company despite taking over as chief executive.

The British-born executive who has spent 20 of his 30 years at the bank working outside the UK, is seconded to work for HSBC Holdings – the overall operation – through a Dutch-based company called HSBC Asia Holdings.

His contract, seen by the Guardian, shows that his principal place of work is Hong Kong, where the bank moved the office of the chief executive a year ago. HSBC Asia Holdings has an Amsterdam address.

The contract, signed this month, also shows that he expects to pay income taxes in Hong Kong and Britain – with the bank paying for him to receive advice on filing tax returns in both places.

Gulliver's contract gives his address as the main HSBC Hong Kong office in Queen's Road Central, and confirms he is on a £1.25m salary. He is also entitled to an additional 50% as a contribution to his pension. About £375,000 is paid into a Jersey-based defined contribution scheme called Trailblazer while the remaining £250,000 is paid in cash.

Gulliver has been employed by the bank since October 1980 and is one of 443 HSBC bankers who are also employed through the Amsterdam offshoot, which HSBC said is designed to allow them to continue to receive benefits and pension entitlements regardless of where the bank – which has operations in 87 territories – locates them.

HSBC said: "Every one of our 400-plus international managers has their employment contract held through the same HSBC subsidiary, for administrative convenience. There is no tax benefit involved."

Bob Diamond, chief executive of Barclays, is seconded to the bank from a Delaware subsidiary known as Gracechurch. It is not known how many other Barclays bankers are employed in this way.

Gulliver's elevation to the top job took place amid a boardroom overhaul caused by chairman Lord Green accepting the post of trade minister in the government.

Green was replaced by former finance director Douglas Flint – who is on £1.5m a year without bonuses – while Gulliver replaced Michael Geoghegan.

Flint was replaced as finance director by fellow Scot Iain MacKay, who is on £700,000 a year before bonuses.

As a result of the upheaval, Sandy Flockhart was moved back to London from Hong Kong to become chairman of the European, Middle East and Africa operations. He is now employed by the holding company in London.

All directors are entitled to chauffeur driven cars from the HSBC pool while the bank will also pay for the membership of two clubs.

Flockhart retains some of the clauses from his Dutch-based contract and also has a mortgage from the bank, of an unspecificed size, according to his contract.

No monetary value is put on the pledge to provide Gulliver with accommodation of an "appropriate level" in Hong Kong, where is he is understood to have use of one of the bank's houses.